Brookfield Reinsurance and AEL Announce Expected Closing Date for Brookfield Reinsurance's Acquisition of AEL

WEST DES MOINES, Iowa – Brookfield Reinsurance (NYSE, TSX: BNRE) and American Equity Investment Life Holding Company (NYSE: AEL) (“AEL”) today announced that Brookfield Reinsurance’s previously announced acquisition of AEL is expected to follow will be completed at market close on May 2, 2024.

About AEL

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At American Equity Investment Life Holding Company, our policyholders work with over 40,000 independent agents and advisors affiliated with independent market organizations (IMOs), banks and broker-dealers through our wholly owned operating subsidiaries. Advisors and brokers choose one of our leading retirement products that best suits their clients’ personal needs to create financial dignity in retirement. To deliver on its promises to policyholders, American Equity has redefined its investment focus with a greater emphasis on insurance liability-focused asset allocation and specialization in alternative private asset management while partnering with world-renowned public fixed income asset managers. American Equity is headquartered in West Des Moines, Iowa, with additional offices in Charlotte, NC, New York, NY and Miami, FL. For more information, visit www.american-equity.com.

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About Brookfield Reinsurance

Brookfield Reinsurance Ltd. (NYSE, TSX: BNRE, BNRE.A) operates a leading capital solutions company providing insurance and reinsurance services to individuals and institutions. Each Exchangeable Class A Restricted Voting Share and Exchangeable Class A-1 Non-Voting Share of Brookfield Reinsurance is exchangeable on a one-for-one basis for one Class A Restricted Voting Share of Brookfield Corporation (NYSE, TSX: BN). For more information, please visit our website at http://bnre.brookfield.com.

Cautionary Statement Regarding Forward-Looking Statements

Except for historical information, all other information in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and any related oral statements made by AEL, BNRE or Brookfield Asset Management Ltd. (NYSE, TSX: BAM) are subject to risks and uncertainties, many of which are beyond the control of AEL, BNRE or BAM, which could cause actual results to differ materially from those projected, expected or implied. For example, (1) the conditions for closing the transaction may not be met, (2) the timing of the closing of the transaction may be uncertain, (3) the business of AEL, BNRE or BAM may suffer due to uncertainty related to the environment (4 ) Events, changes or other circumstances could occur that could lead to the termination of the Merger Agreement, (5) there are risks associated with a disruption of management’s attention from the ongoing business of AEL, BNRE or BAM to the transaction, (6) the Pendency of the transaction could affect AEL, BNRE or BAM’s relationships with their customers, operating results and the business generally, including AEL’s, BNRE’s and BAM’s ability to retain employees, (7) the silence or the closing the transaction may have an adverse effect on the market price of AEL’s common stock or BAM’s Class A voting stock and/or the operating results of AEL, BNRE or BAM, (8) the outcome of any legal proceedings brought against AEL, BNRE or BAM during the pendency of the transaction could adversely affect AEL, BNRE or BAM, including their ability to complete the transaction, (9) failure to realize the anticipated benefits of the merger and significant transaction costs and/or unknown or inestimable liabilities, (10) the risk that AEL’s business will not be successfully integrated or that the integration may be more difficult, time consuming or costly than expected and (11) AEL, BNRE or BAM could be adversely affected by other economic, business and/or competitive disadvantages Factors, as well as management’s response to any of the above factors.

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The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements contained herein or elsewhere, including the risk factors set forth in AEL’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, BNRE’s and BAM’s annual reports on Form 20-F and other documents of AEL, BNRE or BAM filed with or furnished to the SEC. All forward-looking statements made in this communication are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by AEL, BNRE or BAM will occur or, even if they materially occur, that they will actually have the consequences or effects anticipated AEL, BNRE or BAM or their business or operations. Neither AEL, BNRE nor BAM undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by federal securities laws. All subsequent written or oral forward-looking statements attributable to AEL, BNRE or BAM and/or any person acting on their behalf are expressly qualified in their entirety by this paragraph. References to additional information about AEL, BNRE and BAM have been provided for convenience and the information contained on these websites is not incorporated by reference into this press release.